It highlights three key pillars; the prevention of crime from entering and misusing Singapore’s system, the detecting and identifying of illicit flows and activities to ensure timely mitigation, and finally, the enforcing of firm and dissuasive actions against individuals who abuse Singapore’s system for ML.
The national AML strategy also takes into account Singapore’s updated money laundering national risk assessment (ML NRA), which was published on June 20.
The ML NRA compiles money laundering risks observed by supervisory and law enforcement agencies, as well as, input from Singapore’s Financial Intelligence Unit, the Suspicious Transaction Reporting Office (STRO), and feedback from private sector entities and counterpart foreign authorities.
